Investors abandoned risky assets after rising U.S.-China trade tensions quashed expectations of a near-term resolution, feeding concerns about economic growth and corporate earnings prospects. U.S. Treasury prices climbed amid a flight to quality, sending the yield on the benchmark 10-year note … [Read more...]
5.17.19: What Happens When a Non-Recourse Carveout Guarantor Dies?
Once in a while, an individual who provided a Guaranty for non-recourse carveouts related to a CMBS conduit loan passes away. What happens? CMBS loan documents provide for this event. The Loan Agreement says the Borrower is to give Lender notice to substitute a replacement Guarantor (“Replacement … [Read more...]
ValueXpress Obtains $5-Million CMBS Conduit Loan for a Retail Power Center in Dover, DE for Client of CCTG Grad
ValueXpress has arranged a $5,000,000 CMBS conduit loan for the refinance of Dover Downs Shopping Center, a 95,717-square-foot power center located at 1165 North DuPont Highway (Route 13) in Dover, Delaware. Route 13 is the primary retail/commercial corridor serving Dover, the second-largest city in … [Read more...]
5.13.19: Key CMBS Spread Hits 8-Month Low
The spread on the super-senior AAA-rated class of CMBS fell to its lowest level in almost eight months, according to Commercial Mortgage Alert. The result reflects pent-up demand due to sagging CMBS issuance so far this year. Goldman Sachs and Citigroup yesterday placed the long-term, … [Read more...]
5.10.19: How Is Amazon a Solution for Failed Malls?
The teardown of Euclid Square Mall in Euclid, Ohio, at the center of a roughly 70-acre site, began a new chapter for this failed mall. The dead mall will be replaced by an Amazon fulfillment center, scheduled to open in summer 2019. Amazon paid more than $7 million for Euclid Square Mall and the … [Read more...]
5.7.19: ValueXpress Refinancing SBA 7(a) Hotel Loans with CMBS Loans
The SBA 7(a) loan guarantee program allows commercial banks to make loans on owner-occupied commercial real estate that would otherwise be considered too risky. Hotels are considered particularly risky by many commercial banks. Most limited service hotels are owner-operated and qualify for SBA … [Read more...]
5.1.19: AAHOA Trade Show in San Diego, CA a Huge Success
Attended by more than 8,000 Asian American hoteliers ready to lock in long-term, fixed-rate hotel loans before interest rates head upward, the annual Asian American Hotel Owners (AAHOA) Trade Show in San Diego, California, was a huge success, according to Michael D. Sneden, Executive Vice President … [Read more...]
4.24.19: Unanchored Neighborhood Shopping Centers Are Hot in CMBS Financing
Unanchored neighborhood shopping centers used to be viewed as stepchildren to malls, food store-anchored shopping centers and big box shopping centers when it came to CMBS conduit loan financing. But internet shopping using Amazon and other retail websites has changed everything. Unanchored … [Read more...]
4.18.19: Mall Giants Continue to Redevelop Vacant Department Stores
Mall owners Simon Property (NYSE: SPG) and Macerich Company (NYSE: MAC) continue to redevelop vacant department stores, creating substantial value for shareholders. In a recent earnings call, Simon reported that redevelopment activity is moving quickly, and in some cases, much quicker than … [Read more...]
4.15.19: How Do Seasonality Reserves Work in CMBS?
Hotel properties located in cold climates or resort areas can have revenue that is seasonal. Most of the revenue is generated in three seasons of the year and little or no revenue is generated in the fourth season. But the mortgage payment is due every month. How does an owner prepare for mortgage … [Read more...]
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